Intel Corporation recently announced the first closing for the sale of its NAND and Solid-State Drive (SSD) businesses.
Intel sold its SSD business and the Dalian NAND memory manufacturing facility in China to Seoul, South Korea-based SK hynix for $7 billion, according to a report from Business Wire. The deal, which was initially announced in October 2020, is expected to be finalized by March 2025.
The agreement calls for Intel to continue manufacturing NAND wafers at SK hynix’s Dalian memory manufacturing facility and retain certain Internet Protocol related to the manufacture and design of NAND flash wafers until the completion of the transaction, the report stated.
The SSD business will transition to a newly formed company, Solidigm, a subsidiary of SK hynix. Solidigm will be based in of San Jose, California.
Intel is an industry leader, focused on creating world-changing technology that enriches lives, Business Wire reported.